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Got it in one. Haha- if I could answer that, they wouldn't be unforeseen costs. Just make sure that you have some money to spare at the end of each week- perhaps put it into your LOC so that it's available if it's needed. Things happen which will eat into your cashflow. A hot water system...

I think it's a good move. It will get you a lot further in the longer term, if not so much in the shorter term. LMI has been mentioned, That's Loan Mortgage Insurance, which is payable if your loan goes above 80% of the value of the property (or security). You've mentioned 80% of the total...